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Symbol : V2RETAIL | BSE Code : 532867 | Sector : TEXTILES - PRODUCTS
Market Cap (₹ Cr.)
Turnover (₹ Cr.)
29/03/2024 BSE -13.90(-3.20)Close Price: ₹ 420.10 Volume: 1,375.00
29/03/2024 BSE 9.80(2.31)Close Price: ₹ 434.00 Volume: 51,173.00
29/03/2024 BSE 1.65(0.39)Close Price: ₹ 424.20 Volume: 3,624.00
29/03/2024 BSE 20.10(4.99)Close Price: ₹ 422.55 Volume: 3,621.00
29/03/2024 BSE -3.75(-0.92)Close Price: ₹ 402.45 Volume: 2,609.00
No Data Available
ICRA stated that the rating upgrade factors in V2 Retail’s (VRL) better-than-expected performance in the current fiscal, led by a sustained improvement in the scale due to healthy increase in sales per square foot and robust same store sales growth.
This has resulted in a healthy improvement in debt coverage indicators in the current fiscal with an interest coverage of 3.4 times in 9M FY2024 and debt to OPBDITA of 3 times in 9M FY2024.
ICRA expects the company to report nearly 30% growth in turnover and an operating margin of 12-13% in FY2024. VRL is likely to sustain its healthy revenue growth and profitability in the coming fiscals.
Following the pandemic, there was a significant inventory build-up at the stores, which had moderated the company’s liquidity profile. Increased reliance on working capital borrowings resulted in a deterioration in its coverage metrics till H1 FY2023.
However, from Q3 FY2023, led by healthy recovery in sales and liquidation of the built-up inventory, the company’s liquidity position improved, as corroborated by better working capital intensity, lower utilisation of working capital facilities and adequate cash and bank balances.
Nevertheless, given the company’s new store addition plans in the upcoming fiscals, its ability to maintain a healthy liquidity cushion will remain a crucial determinant of its credit profile.
The ratings continue to draw comfort from the company’s position as an established value retailer in the country and the extensive experience of its promoters in the retail sector.
Operationally, the company benefits from a healthy share of private label sales, backed by backward integration, its wide geographical presence, and established relationships with a wide and diversified vendor base that optimises its cost structure.
The above strengths are, however, partially mitigated by the company’s working capital intensive nature of operations owing to high inventory levels, which led to moderate coverage indicators and limited cushion in working capital limits barring some improvement in the current fiscal.
Moreover, the operating margins have remained thin in the past owing to intense competition from new entrants in the value retailing segment.
V2 Retail currently operates 107 retail stores, which mainly sell fashion apparel for men, women and children along with lifestyle products from its stores located primarily in India’s tier-II and III cities. The company’s presence is primarily concentrated in Uttar Pradesh, Bihar, Odisha, Jharkhand and Assam. The company is mainly focused on the value retailing segment in India, catering to mass-market consumers.
The scrip fell 1.93% to currently trade at Rs 416 on the BSE.
ICRA upgrades credit ratings of V2 Retail to 'BBB'; maintains 'stable' outlook
V2 Retail Ltd - V2 Retail Limited - Disclosure under SEBI Takeover Regulations
In Cr.
V2 Retail Ltd was originally incorporated on July 23, 2001 as Vishal Retail Private Limited as a Private Limited Company. The Company got converted into a Public Limited Company and name of the Company was changed to Vishal Retail Limited. Thereafter, the Company's name was changed to V2 Retail Ltd effective on 29 July, 2011. The Company is one of fastest growing retailing groups in India. The company offers a portfolio of products, including apparel, non-apparel and fast moving consumer goods. The company sells readymade apparels, household merchandise, and other consumer goods like footwear, watches, toys, toiletries, grocery items, sports items, crockery, novelties and gifts. The company's subsidiaries include VRL Foods Ltd, VRL Movers Ltd, VRL Consumers Goods Ltd, VRL Fashions Ltd and VRL Infrastructure Ltd.The Company offer affordable family fashion at prices to suit every pocket. Their outlets cater to almost all price ranges. The showrooms have over 70,000 products range which fulfills all household needs. The cost benefit that is derived from the large central purchase of goods and services is passed on to the consumer.In November 2001, the company acquired the proprietorship firm Vishal Garments & The Vishal Garments. In the year 2002, they opened their first store in Delhi. In the year 2003, the company acquired the manufacturing facilities from Vishal Fashions Private Ltd and Vishal Apparels as a going concern and set up a manufacturing unit in Gurgaon.In the year 2004, the company started their largest store at New Delhi having an area of 80,000 sq ft. The company was converted to a public company on February 20, 2006. During the year 2006-07, the company opened up three new stores at Patna in Bihar, Karnal in Haryana and Dahisar in Maharashtra.During the year 2007-08, the company established five new companies, namely VRL Foods Ltd, VRL Movers Ltd, VRL Consumer Goods Ltd, VRL Fashions Ltd and VRL Infrastructure Ltd for diversifying t
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